## AS 20: When to Include Shares in the Weighted Average Denominator
The denominator of Basic EPS is the weighted average number of equity shares outstanding during the period. The weight assigned to each tranche of shares depends on when those shares effectively participate in earnings.
### Timing Table
| Basis of issue | Include from |
|---|---|
| Issued for cash | Date cash is receivable (not the allotment date) |
| Issued for conversion of debentures | Date of conversion |
| Issued against interest / principal repayment | Date interest / principal ceases to accrue |
| Issued in settlement of a liability | Date of settlement |
| Issued for acquisition of an asset | Date the acquired asset is recognised |
| Issued for services rendered | Date services are rendered |
> Key principle: Shares enter the denominator at the point the entity receives the economic benefit that those shares represent.
### Special case – Bonus shares / Stock splits
Bonus shares carry no time weight. They are treated as if they existed from the beginning of the earliest period presented. Prior-year EPS figures must be restated accordingly.